Industrial Bank of Korea (FRA:49DA) Beneish M-Score: -2.30 (As of Jul. 13, 2026)

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FRA:49DA Industrial Bank of Korea FRA:49DA
67 GF Score
Price €10.90
GF Value €6.65
! 5 Warning Signs
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What is Industrial Bank of Korea Beneish M-Score?

Industrial Bank of Korea FRA:49DA -2.68% 67 Beneish M-Score is -2.30 as of Jul. 13, 2026. GuruFocus rates FRA:49DA with a GF Score™ of 67/100 and a GF Value™ of €6.65. The stock has 5 warning signs investors should review. Among 1,399 Banks companies, Industrial Bank of Korea ranks worse than 67.41% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Industrial Bank of Korea's Beneish M-Score or its related term are showing as below:

FRA:49DA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.28   Max: -1.91
Current: -2.3

During the past 13 years, the highest Beneish M-Score of Industrial Bank of Korea was -1.91. The lowest was -2.61. And the median was -2.28.

FRA:49DA
67GF Score
Industrial Bank of Korea FRA:49DA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Industrial Bank of Korea Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Industrial Bank of Korea for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 1.0004+0.892 * 0.9399+0.115 * 0.8302
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9724+4.679 * 0.035845-0.327 * 1.0112
=-2.38

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €0 Mil.
Revenue was 1418.093 + 2192.224 + 1216.525 + 1623.368 = €6,450 Mil.
Gross Profit was 1418.093 + 2192.224 + 1216.525 + 1623.368 = €6,450 Mil.
Total Current Assets was €0 Mil.
Total Assets was €296,697 Mil.
Property, Plant and Equipment(Net PPE) was €1,420 Mil.
Depreciation, Depletion and Amortization(DDA) was €248 Mil.
Selling, General, & Admin. Expense(SGA) was €117 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €149,306 Mil.
Net Income was 434.489 + 269.521 + 456.657 + 440.579 = €1,601 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -6201.878 + 1164.659 + -3181.459 + -815.148 = €-9,034 Mil.
 Total Receivables was €0 Mil.
Revenue was 1534.883 + 2302.489 + 1410.709 + 1614.254 = €6,862 Mil.
Gross Profit was 1534.883 + 2302.489 + 1410.709 + 1614.254 = €6,862 Mil.
Total Current Assets was €0 Mil.
Total Assets was €306,609 Mil.
Property, Plant and Equipment(Net PPE) was €1,581 Mil.
Depreciation, Depletion and Amortization(DDA) was €223 Mil.
Selling, General, & Admin. Expense(SGA) was €128 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €152,591 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 6450.21) / (0 / 6862.335)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(6862.335 / 6862.335) / (6450.21 / 6450.21)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 1420.47) / 296696.921) / (1 - (0 + 1581.079) / 306609.476)
=0.995212 / 0.994843
=1.0004

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=6450.21 / 6862.335
=0.9399

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(222.734 / (222.734 + 1581.079)) / (248.178 / (248.178 + 1420.47))
=0.12348 / 0.14873
=0.8302

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(116.556 / 6450.21) / (127.52 / 6862.335)
=0.01807 / 0.018583
=0.9724

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((149305.897 + 0) / 296696.921) / ((152591.241 + 0) / 306609.476)
=0.503227 / 0.497673
=1.0112

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(1601.246 - 0 - -9033.826) / 296696.921
=0.035845

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Industrial Bank of Korea has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.30 mean?
Industrial Bank of Korea (FRA:49DA) has a Beneish M-Score of -2.30 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Industrial Bank of Korea and its competitors. According to the industry distribution chart, Industrial Bank of Korea ranks #943 out of 1399 companies in the Banks industry, placing it in the top 67.4%.
Is Industrial Bank of Korea's Beneish M-Score too high?
Industrial Bank of Korea's current Beneish M-Score is -2.30. Based on the distribution chart, Industrial Bank of Korea ranks #943 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Industrial Bank of Korea has a GF Score™ of 67/100, reflecting its overall financial health beyond just this single metric.
How does Industrial Bank of Korea's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Industrial Bank of Korea ranks #943 out of 1399 companies for Beneish M-Score. This places Industrial Bank of Korea in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Industrial Bank of Korea and its competitors. Industrial Bank of Korea's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Industrial Bank of Korea stock overvalued right now?
Industrial Bank of Korea (FRA:49DA) has a current Beneish M-Score of -2.30. The stock's GF Value™ is €6.65, compared to a current price of €10.90 — trading 63.9% above its estimated fair value. The current Beneish M-Score is -2.30. Industrial Bank of Korea's overall GF Score™ is 67/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Industrial Bank of Korea (FRA:49DA), the current Beneish M-Score is -2.30 as of Jul. 13, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Industrial Bank of Korea (FRA:49DA) Overvalued in 2026?

Based on GuruFocus' analysis, Industrial Bank of Korea stock appears to be overvalued. The current stock price of €10.90 is trading 63.9% above its estimated GF Value™ of €6.65.

Key valuation signals for FRA:49DA:

  • Beneish M-Score: -2.30
  • GF Value™: €6.65 vs. price of €10.90 (63.9% above fair value)
  • GF Score™: 67/100 with 5 warning signs

No single metric tells the full story. See the FRA:49DA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Industrial Bank of Korea Business Description

Other Exchanges 024110:Korea
Address 79 Euljiro, Jung-gu, Seoul, KOR
Industrial Bank of Korea is a financial institution domiciled in Korea. It offers financial services such as foreign exchange, remittances, and digital banking. Its products include deposit accounts, debit cards, and remittance options for foreign customers. The bank provides personal banking and wealth services for individuals, and loans, overdrafts, and credit facilities for businesses. It operates through a broad branch network and mobile-banking platforms. The company principally earns revenue from interest income.
67GF Score

Get the complete analysis for FRA:49DA

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€10.90
Price
€6.65
GF Value